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Wall St. drops as Brexit strikes again

Video Credit: Reuters Studio
Published on October 22, 2019 - Duration: 02:00s

Wall St. drops as Brexit strikes again

U.S. stocks ended lower Tuesday after British lawmakers rejected a timetable for Brexit, which offset positive U.S. third-quarter earnings.

Conway G.

Gittens has the rundown.

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Wall St. drops as Brexit strikes again

A tug-of-war on Wall Street as investors sorted through a mixed bag of corporate results and sentiment took a late-day hit as British lawmakers rejected a plan to fast track the latest Brexit proposal.

The Dow, S&P 500 and Nasdaq - all gave up gains to finish with down arrows For Winthrop Capital Management's Greg Hahn, Brexit is one of the things clouding the corporate earnings outlook.

SOUNDBITE (ENGLISH) WINTHROP CAPITAL MANAGEMENT CO-FOUNDER GREG HAHN, SAYING: "The trade issues with China and then Brexit.

Those two issues - if we can get resolution on both those issues, we would see capital, fixed capital expenditures pick up and we'll see consumption pick up and that will be important for earnings in 2020." It was a mixed bag for earnings released on Tuesday: McDonald's missed profit estimates for the first time in two years.

U.S. traffic was negative as customers went to rivals for chicken sandwiches, plant-based burgers, and Wendy's started selling breakfast.

Shares were down four percent and weighed on the Dow.

Travelers was another weak Dow stock.

It had its worst day in more than 8 years after higher claim payouts led to a quarterly profit miss.

But on the bright side: Procter and Gamble.

The global consumer products conglomerate raised its full-year sales and profit guidance after a solid quarter.

And United Technologies beat Wall Street's earnings and revenue forecasts.

Facebook had a rough day.

An investigation into whether the world's leading social network put consumer data at risk and pushed up ad rates has expanded to 47 U.S. states and territories.

Shares of Facebook tumbled 4 percent.

By the way: CEO Mark Zuckerberg testifies Wednesday on Capitol Hill about the company's planned digital currency - Libra.

In economic news, sales of previously owned homes dropped more than expected in September as a spike in prices offset a drop in mortgage rates -pushing prospective buyers to the sideline.

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